Jan van Eck, CEO of the global investment managing firm VanEck, shared his optimistic outlook for Bitcoin in a recent interview with CNBC. He predicted that the price of Bitcoin would reach a new all-time high in 2024. Van Eck also discussed the initial application of a Bitcoin exchange-traded fund (ETF) filed by VanEck and the pending decisions on spot Bitcoin ETFs.
Bitcoin’s Potential and Similarities to Gold
In recognizing the similarities between the performance of gold and Bitcoin, van Eck stated, “They kind of do perform similarly. They both peaked in 2021; they’ve both been rallying this year, obviously Bitcoin way more than gold for obvious reasons.” He emphasized the strong macro factors driving both Bitcoin and gold, noting that they are considered stores of value. However, he acknowledged that they don’t generate interest, which is why investors like Warren Buffett may not favor them. Van Eck further explained, “But they behave really in relation to interest rates. … And the interest rates are headed down, directionally speaking.”
Bitcoin’s Growth Potential and the Inevitability of All-Time Highs
When asked about Bitcoin potentially reaching its peak and remaining stagnant, van Eck dismissed the idea, stating that Bitcoin has never been a bubble and will continue to grow. He compared its performance to past bubbles, stating, “It bubbled in 2017, but then it hit all-time high in 2021. So nothing has ever been a bubble that then has outperformed itself.” Van Eck confidently concluded the interview by saying, “I expect all-time highs in the next 12 months.”
“You can argue about it (Bitcoin) being a bubble and what I say is no bubble,” said van Eck. “I expect all-time highs in the next 12 months.”
Furthermore, VanEck, being one of the first to file for spot Bitcoin ETFs, believes that the Securities and Exchange Commission (SEC) will eventually approve multiple applications simultaneously instead of approving them one by one. Van Eck compared this to the SEC’s decision regarding Ethereum futures, stating, “SEC decided to sort of put everything on hold on crypto. Just depending on paperwork effectively, someone could have an unfair advantage. And they’ve said from a policy perspective, ‘No, let everyone start at the same time.'”
“I very much expect it’ll be all [approved] one day because that’s what happened with the Ethereum futures,” said van Eck.
